Recently Iran has been cutting their oil supplies to several countries. Iran has already cut off its supply to Britain and France and is threatening to do the same for several other European countries. This does not directly affect the US, but it would create a ripple effect. If The supplies are cut the demand will increase, resulting in higher prices. Even though the United States does not use Iran for oil, the supply cut will impact the US. Because of the supply cut and the already high demand countries will use oil reserves that the US uses the supply lessens, and with the demand of oil being extremely high the price will increase. Experts have predicted that gas prices over the summer could reach as high as $5.00 a gallon if the supply cut effects the United States as predicted.
http://www.cnn.com/video/?hpt=wo_t3#/video/bestoftv/2012/02/21/exp-erin-iran-gas-prices.cnn
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